At 75 Years Old, Future of Social Security Is Uncertain

Around the country, politicians are celebrating and
discussing the 75th anniversary of Social Security, which is Sunday.

Social
Security is a social insurance program established by the Social Security Act
in 1935 that is funded through payroll taxes. Tax deposits are committed to the
Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability
Insurance Trust Fund, unemployment benefits, temporary assistance for needy
families, the Federal Hospital Insurance Trust Fund and the Federal
Supplementary Medical Insurance Trust Fund.

But
unless Congress acts, the program's combined retirement and disability trust
funds are expected to run out of money in 2037, when many of us will be taking
care of our aging boomer parents.

In
light of the upcoming elections, both democrats and republicans are using the
anniversary as a chance to garner support from the 53 million people on social
security.

Democrats are arguing against a Republican proposal to
privatize Social Security, saying GOP lawmakers have been spending the excess
payroll taxes. While Republican say Democrats want to spend Social Security
funds on other programs, according to USA Today.

Social Security is an especially important political issue during midterm
elections when older voters make up a bigger portion of the electorate. So the
timing of the anniversary seems ripe for commentary by both political parties.

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